Estonia is embracing crypto vs China banning exchanges and ICO's

I have been following the technology advances in Estonia for quite some time. This is just an amazing technology advanced society. At the same time I am following the announcements and progress of the Chinese government who is closing down on exchanges and ICO's.

This is clearly two extremes. The new society vs the old way of doing things

Chinese - Fight the world of Crypto

I is actually really funny to see the Chinese government closing down ICO's and Exchanges. Sure this is the easiest way to attack the crypto markets is to close down on the inflows of Fiat currencies into the Crypto world, which is basically the exchanges. Will this stop the Crypto World and the flow of money. Well NO :) It will just move to another country as we have seen the Chinese traders moving their dealings to Japan.

Estonia - Embrace new technology and make it part of your community

Now when we look at Estonia, they embrace technology, they have been using Blockchain for many aspects of their society, like voting, issuance of identity documents, e-residency and much more. They are now looking at potentially doing and ICO to start a electronic currency.

i have an e-residency card but have not properly used it yet. i need to get there and setup a bank account and such but i do intend to do business there next year for sure. i started a little e-residency series on youtube. another project i've gotta pick up on! :)

So I've checked on their status. It is still not approved. Here are three bank statements from May 2017:

LHV Bank: Not supported. No timeline for support.
SEB: Only supported for existing personal account customers. No timeline for support.
Swedbank: Not possible. No indication whether or not they plan to allow it in the future.

yeah seems no change. LHV is the one to go for. just go there, stay a week, check out the place, go to a bank with e-residency card and all the other stuff you need and you should be able to get all the paperwork back to like a forwarding business address, that's what i'm gonna do.

Oh, man! I wish my country was this loose with cryptocurrency. I feel like saying no to this is like saying no to the future and to real development in economics and social attitude really and on the opposite side accepting it can really make a country a target for certain investments.

Clif High has predicted that cryptocurrency will totally replace fiat currency in some nations. In Somaliland it's already happening, and in Venezuela people are flocking to crypto mining in order to escape the inflationary (and now worthless,) Bolivar.

Kind of funny that China is trying to stop the exchange , cryptocurrency is the future and it will stop for a while but people will just find other ways to trade . Like u said that traders are now moving on to Japan I think that China should stop battling the flow and should open ICO + exchanges .

There is nothing like being open minded and be flexible...embrace change and find a way to make it harmonious. China can do all they want, but change has come to stay...thanks for the info, i will would like to follow up on the Estonia ICO, because it would be a big break if they could find a way to achieve it. Thanks.

Just came back from a visit to Estonia and I was surprised by how they embrace technology in general. The fact that they are so far with adapting the blockchain technology makes me believe they can find a way around the regulations. Aren't cryptocurrencies just currencies for the world? If they create an ICO and it becomes public for all the world to enter, how would this be a currency of Estonia? The fact they accept it as a payment doesn't make it their main currency, right? How would this violate the EU law?

I recommend you to take a tour through the city of Tallinn if you finally decide to go! The guides usually have a lot of knowledge about the country and can explain why they are so innovative and what made them invest in IT . Personally I think this is a very wise decision back then but also a big risk at the time since nobody knew where IT was going. In the end it was a wise investment and the country will benefit from it!

Excellent post @jacor. I live in Vietnam and it's more than funny looking at China from here. Trying to ban the internet, cryptocurrencies and anything else that gives their people a sense of freedom. One day it will change, but for the time being they are still stuck with Mao's credo and philosophy. Followed, Upvoted and resteemed.

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all this is very true, but I believe that we must maintain a constant bitcoin investment in addition to creating own criptomonedas in each country, because china now restricts the exchanges with criptomonedas but I think they will lose for this many markets and they will return to support the exchange with criptomonedas from the government, so bitcoin is going to increase a lot

@jacor,
China ICO regulation, I am respecting it! otherwise thousands of ICOs were ready to launch and most of them are fake and scams. So, ICO regulation is a great concept comes from them. But it doesn't mean they should ban all crypto exchanges :D It makes me feel one good work and then a worst work which fully vanish the value they earned by previous regulation!
Anyway now it happened. And more will come, but Block Chain technology will be here for a long run and What Estonia did was correct!
No matter what will happen, personally I have no hopes for a short term trades in crypto. So, I am holding what I bought and so far I am in a good profit!
Great article and great analysis! Thanks for sharing with us!

Hey @theguruaisa, on that point I totally agree with you. I totally agree that ICO regulation is very important and should be weeded out. There is no place for scams in the world. that is on the blockchain and in real world sense.

Estonia is an amazing country with low taxes and great capital friendly intelligent government. Companies can even pay 0% tax if the re-invest all their profits. On the long run this brings more revenue to both Estonia and the business owners.

The only major negative I see about the country is that it is a part of the EU. Why the hell did they even do it!!!

I think everyone should embrace Bitcoin and crypto but unfortunately I don't see that happening. Governments and the establishment elite will always fight the idea of an unregulated untraceable way of trade due to them not being able to tax and make money from the people. Also Bitcoin and other crypto give control to the people rather than the establishment elite. THEY HATE THAT THOUGHT.

Hey @wardy, in my opinion government and the elite will always try to fight the idea, and they will always fight against this. I also believe that the people in crypto is the way of the future and new ideas will always come to the fore, which will allow the ability of mass adoption in the long run. It all depends on how the problem is approached.

You've found a good comparison, choosing China and Estonia. Estonia is considered as one of the most progressive countries, since 2015 parliament elections where they offered 100% of their population to use Blockchain technology and a little more than 30% of their population did use electronic voting. At the same time, China is known for their massive restrictions with everything that is somehow related to Internet. However creating a local currency in Estonia breaks down not only EU banking mission but the main idea of cryptocurrency itself - decentralization.

You can register with the Estonia government for any announcements on the Estcoin. Since they are gathering a list of people interested in it, I believe they will try to have an ICO on Estcoin if enough people show interest.